There is no financial incentive for builders to engage in house building as costs are too high and property prices too low, according to the country’s chartered surveyors.

Residential property prices are likely to continue their upward trend this year, according to the Society of Chartered Surveyors of Ireland.

House price expectations have fallen sharply, a major report published yesterday showed, but prices are still expected to rise at rates well-above current inflation levels.

The price of farmland increased by 26% in Dublin in 2014, according to a new report.

More than 260 multi-unit development projects, worth a combined €1.47bn and currently under construction, were commenced in the first three quarters of the year.

Office rents are up 10% already in 2014 in Dublin as the office market leads the recovery of the country’s commercial market — but retail’s still a drag, with rents continuing to fall even in major cities like Cork and Dublin.

The amount of money being quoted by building firms for large scale construction jobs increased by over 3% in 2013, and is expected to continue to grow moderately during this year.

It is hoped that a boost in the construction industry will begin to attract emigrants home to Ireland

A tax incentive has been introduced to entice people to renovate their homes.

BUILDING project tender prices have fallen by 33% from their 2007 peak and now the Society of Chartered Surveyors Ireland believe construction tender costs have stabilised.